01/20/2016 10:30 EST | Updated 01/20/2016 10:59 EST

Grace Coddington Steps Down As Creative Director Of Vogue, Takes On 'At-Large' Title

But don't worry, she's not leaving the legendary mag just yet.

After nearly 30 years of brilliance as creative director and chief stylist at Vogue magazine, Grace Coddington is stepping down.

But don't cry just yet, fashion fans. The legendary redhead isn't leaving Vogue completely.

According to Business of Fashion, a source for American Vogue confirmed Coddington will now obtain the role of creative director at-large — meaning she will style at least four editorials per year, keep an office at the mag's One World Trade headquarters in Manhattan, attend fashion weeks around the world and still remain on the coveted masthead.

"I really love Vogue, it’s been in my life always, they discovered me as a model at 19,” the 74-year-old tells Business of Fashion. "I’m not running away from Vogue, because it has opened so many doors. But it will be nice to collaborate, and nice to go out [and] give talks to people. It’s just another approach. I’m certainly not going into retirement. I don’t want to sit around."

A photo posted by @therealgracecoddington on

Coddington, who became a household name after the release of the 2009 fly-on-the-wall documentary, "The September Issue" and 2012 coffee table memoir, "Grace," is said to be developing a fragrance with Comme des Garçons and embarking on a number of other external projects outside the magazine.

"I didn’t want to be pigeonholed into just styling a shoot, I wanted to do something beyond," the Brit told BoF.

A photo posted by @therealgracecoddington on

Undoubtedly, Coddington's voice, style and aesthetic will still be essential to the expansion of American Vogue.

Editor-in-Chief, Anna Wintour, is said to be very supportive of Grace's new path. There are currently no plans to replace Coddington in the role.

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